Karur Vysya Bank reports 20.39% rise in Oct-Dec'' 2024 net at Rs 496 cr

Private sector Karur Vysya Bank has reported a 20.39 per cent rise in its net profit for the October-December 2024 quarter to Rs 496 crore, the bank said on Tuesday.

The Tamil Nadu bank had registered a net profit of Rs 412 crore during the corresponding quarter of last financial year.

For the nine month period ending December 31, 2024, the net profit surged by 24.28 per cent at Rs 1,428 crore, as compared to a net profit of Rs 1,149 crore recorded during the corresponding period of last financial year.

"We have continued another strong quarter of performance, guided by our three key metrics: growth, profitability and asset quality. The bank's performance indicators align with our guidance, demonstrating consistent and inclusive growth," said The Karur Vysya Bank Managing Director and CEO Ramesh Babu B.

The total income during the nine month period ending December 31, 2024 stood at Rs 8,482.33 crore, from Rs 7,049.21 crore registered in the same period, a year ago. For the quarter under review the total income of the bank went up to Rs 2,953.44 crore from Rs 2,497.17 crore registered year ago.

Babu said, "We have maintained strong trajectory of growth in RAM (retail, agriculture and micro, small and medium enterprises) verticals, continuing the solid start we made at the beginning of the year. I am confident that the same will be maintained going forward."

The total business of the bank as on December 31, 2024 stood at Rs 1,81,993 crore, from Rs 1,58,357 crore registered in the same quarter of last financial year. "Our total business crossed Rs 1.81 lakh crore. The inclusive growth from all the business segments has supported for reaching net profit of Rs 1,428 crore for the nine month period", Babu added.

As on December 31, 2024 the bank's distribution network was at 866 branches and one digital banking unit and 2,197 ATM networks. About 55 per cent of the branches are located in semi-urban and rural areas, he said.

The Gross Non-Performing Assets (GNPA) has improved by 75 basis points and stands at 0.83 per cent of gross advances as on December 31, 2024 (Rs 691 crore) vis-à-vis 1.58 per cent as on December 31, 2023 at Rs 1,152 crore.

Net Non-Performing Assets is below 1 per cent and stands at 0.20 per cent of net advances as on December 31, 2024 (Rs 167 crore) as against 0.42 per cent as on December 31, 2023 at Rs 305 crore, the bank said.